Demand for luxury homes continues to grow in Chennai
Chennai is now witnessing a surge in demand for luxury housing. The high end property segment is now shifting towards several new growth areas. Demand for luxury apartments in Chennai is not just restricted to prime locations like Rutland Gate, Poes Garden and Boat Club Road anymore. Instead, new luxury housing pockets are emerging in areas like Perumbur, Egmore, Alwarpet, Bishop Garden and Kotturpuram. As per recent analyses, these localities are witnessing skyrocketing growth since they address the new found demand amongst realty buyers in the city for reasonable/affordable luxury.
The prices of land in these locations are almost similar to Boat Club Road or Poes Garden. Chennai’s developers are snapping up land parcels in these locations for mega luxury projects. For discerning buyers who seek the very best amenities and facilities, there are plentiful options as per realty experts, particularly in these emerging luxury hubs.
Developers are now offering luxury apartments in Chennai with high levels of personalization, customization and aesthetic appeal along with other value added services including branded food, hospitality solutions, elevators and private swimming pools. These are fast becoming essential features of luxury homes available in the city along with on-call spas, concierge services and tie-ups with global labels like Poggenpohl and others. Typical luxury purchases are driven by high prices which go up or down based on the pin codes, specifications and other aspects.
The Central Business District is fast emerging as a new luxury hub as well. Luxury housing solutions in this belt are priced anywhere between INR 7.5-10 crore on an average or even more depending on the project and its features. Similar prices can be expected in the Nungambakkam-Egmore stretch. Location is the primary determinant of pricing in the luxury home segment as per market experts.